REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. Section 3.1 Organization and Authority of Purchaser 27 Section 3.2 No Conflict 28 Section 3.3 Litigation and Proceedings 28 Section 3.4 Governmental Authorities; Consents 28 Section 3.5 Financial Ability 28 Section 3.6 Brokers’ Fees 29 Section 3.7 Solvency 29 Section 3.8 Acquisition of Interests for Investment 29 ARTICLE 4. COVENANTS OF SELLER 29 Section 4.1 FCC License Covenants 29 Section 4.2 Confidentiality 30 Section 4.3 Non-Competition 31 Section 4.4 Non-Solicitation; No Hire 33 Section 4.5 Enforcement of Confidentiality Agreements 34 Section 4.6 Tax Matters 34 ARTICLE 5. COVENANTS OF PURCHASER 35 Section 5.1 Indemnification 35 Section 5.2 Employment Matters 35 Section 5.3 Confidentiality 38 ARTICLE 6. JOINT COVENANTS 39 Section 6.1 Support of Transaction 39 Section 6.2 Tax Matters 40 ARTICLE 7. CONDITIONS TO OBLIGATIONS 43 Section 7.1 Conditions to Obligations of Purchaser and Seller 43 Section 7.2 Conditions to Obligations of Purchaser 44 Section 7.3 Seller Closing Deliveries 44 Section 7.4 Conditions to the Obligations of Seller 46 Section 7.5 Purchaser Closing Deliveries 47 ARTICLE 8. INDEMNIFICATION 47 Section 8.1 Survival of Representations, Warranties and Covenants 47 Section 8.2 Indemnification 47 Section 8.3 Indemnification Claim Procedures 48 Section 8.4 Limitations on Indemnification Liability 49 Section 8.5 Remedies 50 Section 8.6 Tax Indemnification 50 Section 8.7 Post-Closing Obligations 51 ARTICLE 9. CERTAIN DEFINITIONS 51 ii Page
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. 4.1 Authority of Purchaser 27 4.2 Consents and Approvals 27 4.3 Financing 27 4.4 Brokers and Finders 28 ARTICLE 5. COVENANTS 28 5.1 Subsequent Actions 28 5.2 Third Party Consents 28 5.3 Employee Matters 28 5.4 Records; Post-Closing Access to Information 29 5.5 Assignments 30 5.6 Conduct of the Business 31 5.7 Supplements to Schedules 31 ARTICLE 6. CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER 32 6.1 Warranties True as of Closing Date 32 6.2 Compliance with Covenants 32 6.3 Deliveries by Sellers 32 6.4 Sellers’ Certificates 32 6.5 Injunctions 32 6.6 Laws 33 ARTICLE 7. CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLERS 33 7.1 Warranties True as of Closing Date 33 -ii- TABLE OF CONTENTS (continued) Page 7.2 Compliance with Covenants 33 7.3 Deliveries by Purchaser 33 7.4 Purchaser’s Certificate 33 7.5 Injunctions 33 7.6 Laws 34
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. Section 7.01 Due Organization and Good Standing 27 Section 7.02 Authority and Capacity 27 Section 7.03 Effective Agreements 27 Section 7.04 Sophisticated Investor 27
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. 7.1 Organization 28 7.2 Authorization 28 7.3 No Conflict or Violation 28 7.4 Consents and Approvals 28 7.5 Brokers 28 7.6 Litigation 28
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. 4.1 Corporate Status. 27
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. Section 4.1 Organization and Authority 27 Section 4.2 Consents; No Violations 28 Section 4.3 Brokers, Finders, etc 28 Section 4.4 Financing 28 Section 4.5 Litigation 28
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. Section 5.01 Organization and Authority of Purchaser 27 Section 5.02 No Conflict 27 Section 5.03 Litigation 28 Section 5.04 Qualification 28 Section 5.05 Brokers 28 Section 5.06 No Outside Reliance 28 Section 5.07 Investigation 29 Section 5.08 REIT Status 29 ARTICLE VI ADDITIONAL AGREEMENTS 29 Section 6.01 Release of Target Companies 29 Section 6.02 Further Action 29 Section 6.03 Payoff Letter 30 Section 6.04 Retention Bonuses 30 Section 6.05 Internal Restructurings 30 Section 6.06 Purchaser REIT Covenant 30 Section 6.07 Non-Solicitation 30 Section 6.08 Audited Financials 31 ARTICLE VII
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. 3.1 Corporate Organization, Qualification, Power, Authority and Nationality 27
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. 4.1 Representations and Warranties 27 4.2 Effect of Disclosures 35
REPRESENTATIONS AND WARRANTIES OF PURCHASER 27. Section 7.01 Due Incorporation and Good Standing 27 Section 7.02 Authority and Capacity 27 Section 7.03 Effective Agreements 28 Section 7.04 Sophisticated Investor 28 Section 7.05 No Actions 28 ARTICLE VIII SELLER COVENANTS 28 Section 8.01 Servicing Obligations 28 Section 8.02 Cooperation 29 Section 8.03 Financing Statements 29 Section 8.04 Supplemental Information 29 Section 8.05 Access to Information 29 Section 8.06 Home Affordable Modification Program 30 Section 8.07 Distribution Date Data Tapes and Reports 30 Section 8.08 Financial Statements and Officer's Certificates 32 Section 8.09 Monthly Management Calls 32 Section 8.10 Timely Payment of Owner Obligations 32 Section 8.11 Servicing Agreements 32 Section 8.12 Transfer of Mortgage Servicing Rights 33 Section 8.13 Consents to Transaction Documents 33 Section 8.14 Accounts 33 Section 8.15 Notification of Certain Events 33 Section 8.16 Financing; Pledge of Future Excess Servicing Spread 34 Section 8.17 Existence, etc 34 Section 8.18 Consent to Sub-Servicing 35 Section 8.19 Nonpetition Covenant 35 Section 8.20 Schedule of Mortgage Loans 35 Section 8.21 True Sale Opinion 35 Section 8.22 Valuation 35 Section 8.23 Material Documents 35
